Endologix Announces Exclusive Distributor Agreement with Boston Scientific for the Chinese Market
August 08 2019 - 4:05PM
Business Wire
Endologix, Inc. (Nasdaq: ELGX), a developer and marketer of
innovative treatments for aortic disorders, today announced an
agreement naming Boston Scientific Corporation (NYSE: BSX) the
exclusive distributor for Endologix products in China. The
long-term agreement includes distribution rights to Endologix’s
current EndoVascular Aneurysm Repair (EVAR) and Endovascular
Aneurysm Sealing (EVAS) products, as well as the right of first
negotiation for future product offerings by Endologix.
“We are excited to partner with Boston Scientific to bring
next-generation abdominal aortic aneurysm solutions to patients in
China,” said John Onopchenko, Chief Executive Officer of Endologix,
Inc. “China is one of the largest and fastest-growing EVAR markets
in the world, representing an exciting market opportunity for
Endologix. We look forward to building our brand in this important
market by leveraging the Boston Scientific team’s extensive
experience introducing new products for patients suffering from
vascular disease.”
As part of the agreement, Boston Scientific plans to invest in
building a dedicated sales team to commercialize the Endologix
products and drive adoption. Additionally, Endologix will provide
commercial and clinical support and training to the Boston
Scientific team, with the goal of ensuring that the best possible
clinical outcomes are realized. Boston Scientific expects to begin
selling these products upon local regulatory approval and
subsequent commercial launch of the first product, anticipated in
2021.
The current portfolio of Endologix products includes the
Ovation® iX Abdominal Stent Graft and the AFX2® Endovascular
Abdominal Aortic Aneurysm System, both of which are
minimally-invasive solutions to repair aortic aneurysms and have
received U.S. FDA clearance and CE mark.
About Endologix, Inc.
Endologix, Inc. develops and manufactures minimally invasive
treatments for aortic disorders. The Company's focus is
endovascular stent grafts for the treatment of abdominal aortic
aneurysms (AAA). AAA is a weakening of the wall of the aorta, the
largest artery in the body, resulting in a balloon-like
enlargement. Once an AAA develops, it continues to enlarge and, if
left untreated, becomes increasingly susceptible to rupture. The
overall patient mortality rate for ruptured AAA is approximately
80%, making it a leading cause of death in the U.S. For more
information, visit www.endologix.com.
Cautions Regarding Forward-Looking Statements
Except for historical information contained herein, this press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by the use
of words such as “anticipate,” “expect,” “could,” “may,” “will,”
“believe,” “estimate,” “forecast,” “goal,” “project,” "continue,"
"outlook," “guidance,” "future,” other words of similar meaning and
the use of future dates. Forward-looking statements used in this
press release include: the expectation that Endologix will be able
to build its brand in the Chinese market; Boston Scientific’s plan
to invest in building a dedicated sales team to commercialize the
Endologix products and drive adoption; ; and Boston Scientific’s
expectation that it will begin selling Endologix products upon
local regulatory approval and subsequent commercial launch of the
first product in 2021, the accuracy of which are necessarily
subject to risks and uncertainties that may cause Endologix’s
actual results to differ materially and adversely from the
statements contained herein. Some of the potential risks and
uncertainties that could cause actual results to differ materially
and adversely from anticipated results include, continued market
acceptance, endorsement and use of Endologix's products, the
success of clinical trials relating to Endologix’s products,
product research and development efforts, uncertainty in the
process of obtaining and maintaining regulatory approval for
Endologix's products including local regulatory approval for
Endologix’s products in China, the ability to develop and maintain
a successful partnership between Endologix and Boston Scientific,
Endologix’s ability to protect its intellectual property rights and
proprietary technologies, and other economic, business, competitive
and regulatory factors. The forward-looking statements contained in
this press release speak only as of the date of this press release.
Endologix undertakes no obligation to update any forward-looking
statements contained in this press release to reflect new
information, events or circumstances after the date they are made,
or to reflect the occurrence of unanticipated events. Please refer
to Endologix's filings with the Securities and Exchange Commission
including its Annual Report on Form 10-K for the year ended
December 31, 2018, and its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2019 for more detailed information
regarding these risks and uncertainties and other factors that may
cause actual results to differ materially from those expressed or
implied.
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version on businesswire.com: https://www.businesswire.com/news/home/20190808005600/en/
Investor: Endologix, Inc. Vaseem Mahboob, CFO (949) 595-7200
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